Almost a hundred acts for £87? That sounds like a pretty good deal to me!
Bare in mind that this is also one of the cheapest festivals of its size on the market, and that its run not for profit, and that they contribute to various local charity's....again seems like a pretty good deal to me.
Festivals may not be your thing fair play, but if you are going to criticize 'value for money' ask your self the question; How much would individual tickets for only a handful of the acts cost you? Even if you divide the ticket costs in half to account for shortened sets, it still works out a bargain!
Some festivals are put on as money making ventures it true (although again, if a bunch of your favorite bands are playing it can still work out to be a considerable saving). Bearded Theory however, is not in this category and is the reason why many folks who follow NMA go every year regardless of whether that particular band play or not. Its about the ethos of getting together with like minded individuals and celebrating...just like a gig but spread over a weekend...which again, if you do your maths works out a hell of a lot cheaper. Festivals are also a great way of seeing bands for folk who don't get the opportunity to get to gigs.
In the end, you pays your money, you makes your choice, but if festivals were such bad value for money the entire UK and European festival scene simply wouldn't exist...
Oh, by the way. Reference the current BT competition, check the terms and conditions....(hint, even if win you still need to buy a ticket...)